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Good Growth and Governance in Africa$
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Akbar Noman, Kwesi Botchwey, Howard Stein, and Joseph E. Stiglitz

Print publication date: 2011

Print ISBN-13: 9780199698561

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199698561.001.0001

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ContentsFRONT MATTER

Economic Liberalization and Constraints to Development in Sub-Saharan Africa

Chapter:
(p.499) 17 Economic Liberalization and Constraints to Development in Sub-Saharan Africa
Source:
Good Growth and Governance in Africa
Author(s):

K. S. Jomo

Rudiger von Arnim

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199698561.003.0017

This paper critically reviews the impact of globalization on Sub-Saharan Africa (SSA) since the early 1980s. The large gains expected from opening up to international economic forces have, to date, been limited, and there have been significant adverse consequences. FDI in SSA has been largely confined to resource, especially mineral, extraction, even as continuing capital flight has reduced financial resources available for productive investments. Premature trade liberalization has further undermined prospects for SSA economic development as productive capacities in many sectors are not sufficiently competitive to take advantage of any improvements in market access.

Keywords:   development, agriculture, Africa, trade liberalization, FDI, Bretton Woods Institutions

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